Worldwide Carboxylic Acids Based Esters Industry - Future Trends and Growth Forecasts 2021
The growth of the carboxylic acids based esters market is mainly attributed to the rising demand for solvents from paints and coatings industry coupled with growing applicability as printing inks from packaging industry across the globe. Carboxylic acids based esters are derived from a carboxylic acid and are sweet-smelling compounds. It is formed by the reaction of alcohol with a carboxylic acid. It find application in a broad range of purposes including paints & coatings, inks, pharmaceuticals, flavors & fragrances, personal care products & cosmetics due to their ability to substitute harmful air pollutants in the formulation process. These esters have high solvency and average evaporation rate makes it perfect to majorly use as solvents in paints & coatings industry.
A new report “Global Carboxylic Acids Based Esters Market Research Report- Industry Analysis, Size, Share, Growth, Trends and Forecast
” added by DecisionDatabases.com anticipates that the expanding construction and manufacturing industry especially in the emerging economies are further anticipated to aid in the growth of the market during the forecast period. Increasing demand for food technologists to give flavors or fragrances to enhance the quality of food and beverages is likely to boost market demand over the coming years.
Several packaging manufacturers from industries such as toys, chemicals, electronic goods, pharmaceuticals, cosmetics and personal care are widely using PIB as a vital packaging material, which in turn will drive the market in the forthcoming years. These are mostly used in the printing inks application due to its stability & viscosity properties during storage.
Growing consumer preference for bio-based products has shifted several companies’ trends to adopt bio-based feedstock and their esters as solvents in various end-user industries. However, volatility in the prices of raw material is anticipated to hamper market growth in the near future. Furthermore, stringent regulations forced by several regulatory bodies on the extraction of oil & gas have affected costs of crude oil, consequently impacting prices of carboxylic acids based esters. However, bio-based esters are estimated to provide immense opportunities in the market.
In the report the global market has been segmented based on the application of paints & coatings, printing inks, cosmetics & personal care, pharmaceuticals, flavors & fragrances and other. Paints & coatings is the largest application segment and are estimated to grow at a substantial rate over the coming years owing to growing application scope as solvents due to high solvency and average evaporation rate. Flavors & fragrances is expected to be the fastest-growing application segment and is anticipated to grow at the highest CAGR during the study period on account of its increasing usage in the F&B industries to improve the quality of foods & beverages. Furthermore, the market has been segmented based on product into various esters group. Ethyl acetate is a leading product segment and is projected to witness a significant growth over the forecast period owing to the widespread usage as a solvent across various end-use industries such as printing inks, paints & coatings, pharmaceuticals and personal care industries.
Asia-Pacific is the leading market and is expected to continue its dominance during the forecast period owing to its rising applications with paints & coatings industry and presence of major manufacturers in the region. Europe has followed the market and is expected to grow at a considerable rate during the forecast period due to rising demand for architectural & industrial paints & coatings application in the region. Furthermore, the inclination of consumers toward fragrances & flavors is one of the key drivers, which is estimated to drive the market in the Middle East & Africa.
The global market is fragmented in nature, due to the presence of a huge number of unorganized players in the market. Major industry players include Sasol Limited, Green Biologics Limited, Eastman Chemical Company, Celanese Corporation, INEOS, Jiangsu Sopo (Group) Co., Ltd., Shanghai Wujing Chemical Co., Ltd., Yip's Chemical Holdings Limited, Jinyimeng Group Co., Ltd. and Wacker Chemie AG.
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